Rolls-Royce “well positioned to deal with challenging economic conditions”
1 min read
In a trading statement, Rolls-Royce reported activity across all four of its businesses had been good with an order book that has continued to grow with a further £5 billion of new orders received since 30 June.
The Group said it expected “to increase underlying revenue and profit and generate a positive cash flow in 2008”.
The company’s UK pension schemes were restructured in 2007 removing significant exposures to equity values, interest rates and inflation and steps had already been taken to reduce operating costs and further action is being taken across all its businesses.
Chief executive Sir John Rose (pictured) said: “The good progress we have made over this period demonstrates the benefits of our consistent strategy.
“Clearly, the global economy has deteriorated rapidly but it is too early to determine the precise effect this will have on our markets.
“However, the breadth of our business and product portfolio, our access to a wide range of global markets, our growing installed base, the strength of our balance sheet and our ability to manage costs effectively mean that we are well positioned to deal with the challenging economic conditions.”
